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Locally-owned equity investment company Fijian Holdings Limited (FHL) has, for the second time, deferred the completion date for the acquisition of BP South West Pacific (BP SWP).
The estimated $190 million dollar oil deal that was expected to be sealed in March and deferred to the end of April has now been extended to May 31 this year.
In a statement this afternoon, FHL managing director Sereana Qoro said BP SWP and FHL had had a mutual agreement for the extension of the final settlement date to May 31.
“Funding for FHL is expected to be released soon hence the extension of settlement dates,” Qoro said.
She said both parties had invested significant time and resources into this transaction and “are firmly committed to bringing the deal to proper and full completion”.
In terms of the impact of the devaluation on the acquisition price, Qoro said while the recent 20 per cent devaluation had an effect on the exchange rate, BP SWP had offered to revise the price to cover the effect of devaluation, “which works to the benefit of FHL”.
She said once the settlement was done, FHL would disclose through the South Pacific Stock Exchange (SPSE) full details of the acquisition.
She added that a shareholders meeting would be arranged at an appropriate time when the deal was sealed.
